Whether you are a sole trader, a partner in a partnership or the director/shareholder of a limited company, it is important to ensure your interests in a business are dealt with as you intend them to be on your death.
If you want to ensure your children inherit your business, you must ensure the correct legalities are in place whether you are age 31 or age 61.
It is of course important that you believe your child or children are going to be capable and are also going to be willing to continue the running of your business when you are no longer here to do so. It is therefore sensible, although it may not be a pleasant conversation, that you have this discussion with them before putting in place any provisions. It is also important if you have multiple children that you are confident there will be no disputes and that they are going to be able to run the business together amicably.
If you are a sole trader, it is advisable you make a Will and create a provision within that Will to leave your business to your children where you can also include your wishes.
As a partner or a director/shareholder you can also provide a provision for this within your Will. However, it is extremely important to check partnership agreements or a company’s articles to check that there are no provisions within those business agreements that conflict with the provisions you have created in your Will. Your legal representative should have sight of such documents and check this on your behalf when creating your Will.
If you would like to discuss how our Wills & Probate solicitors can assist you with such business assets and ensuring they are left to your children in the correct manner and that this is the correct decision for you then please call us on 0161 696 6238 or complete our online enquiry form and a member of the team will contact you to discuss your requirements.